Russia mulls buying $70 billion in yuan and other ‘friendly’ currencies- Bloomberg

Reuters

(Reuters) – Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the rouble’s surge, Bloomberg News reported on Thursday.

“In the new situation, accumulating liquid foreign exchange reserves for future crises is extremely difficult and not expedient,” said the text of a proposal prepared for a meeting of Russian government and central bank officials, Bloomberg reported, citing people familiar with the deliberations.

Russia’s central bank did not immediately respond to a Reuters request for comment.

(Reporting by Akanksha Khushi in Bengaluru; Editing by Mark Heinrich)

tagreuters.com2022binary_LYNXMPEI801GJ-BASEIMAGE


You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.